In the latest trading session, Cenovus Energy (CVE) closed at $32.88, marking a +2.72% move from the previous day. This change outpaced the S&P 500’s 0.52% loss on the day. Elsewhere, the Dow saw a downswing of 1.24%, while the tech-heavy Nasdaq depreciated by 0.21%.
Heading into today, shares of the oil company had gained 2.33% over the past month, lagging the Oils-Energy sector’s gain of 5.63% and outpacing the S&P 500’s loss of 1.21%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. The company is forecasted to report an EPS of $1.21, showcasing a 132.69% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $11.71 billion, showing a 22.2% escalation compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.12 per share and revenue of $44.01 billion. These totals would mark changes of +167.53% and +23.79%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Cenovus Energy. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts’ confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we’ve established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 15.51% higher. As of now, Cenovus Energy holds a Zacks Rank of #1 (Strong Buy).
With respect to valuation, Cenovus Energy is currently being traded at a Forward P/E ratio of 7.77. This signifies a discount in comparison to the average Forward P/E of 10.37 for its industry.
The Oil and Gas – Integrated – Canadian industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 3, positioning it in the top 2% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
